Which of the following is an incorrect statement? a. Income - Expenses = Operating Income b. Current Assets - Current Liabilities = Net Working Capital c. Net Profit = EBT - Taxes d. Operating Income - Interest PMT = Gross Profit e. Expenses = CGS + Operating Expenses Which item of the income statement represents the taxable income of the firm? a. EBIT b. Operating Income c. EBT d. CGS e. EAT